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Today's copper prices showed a volatile downward trend, and as of the afternoon close, the main 2108 contract of Shanghai copper closed at 68740, up 0.
07%, up 50
.
On the macro front, the minutes of the Fed's June meeting did not reveal more guidance, the talk of tapering QE was divided, and the dollar index was relatively flat
.
There are hidden dangers in the crude oil market, with the uncertainty of the OPEC meeting, oil prices have fallen sharply, and if they continue to sell, they may hit commodity market sentiment and form a bearish linkage
.
The spot market is buying light today, and the premium stabilisation has changed little
.
Recently, copper prices have frequently rushed back down, the upper pressure level continues to consolidate, and it is expected to be weak in the evening to test the support around 6.
8-68,500, and the operation of the upper merchants rebounded and reduced their holdings, and the downstream bargain stocks remained unchanged
.
According to mid-term data, vehicle sales in June are expected to reach 1.
926 million units, down 9.
5% m/m and 16.
3%
y/y.
Cumulative sales in the first half of the year are expected to reach 12.
801 million units, up 24.
8%
y/y.
Slowing auto production could drag copper demand growth
.
Technically, copper prices are stuck in a low range, short-term shocks are treated, waiting for the direction to be clear
.
